The push for digital products from banks amid growing social distancing measures may persist long after the COVID-19 pandemic ends, according to early survey results from INV Fintech, Bank Innovation’s sister banking innovation services platform.

Based on interim results of the survey released this week, 49% of respondents strongly agree that the coronavirus pandemic will drive increasing demand for digital channels, permanently altering customer acquisition and servicing models in banking. Of the remaining responses, 45% agree that digital changes spurred by the coronavirus impact will permanently change banking, 4% are unsure and 2% disagree. The survey respondents include banks, credit unions, fintech startups and venture capital firms.

See also: Coronavirus and the state of banking innovation

Many of the responses indicated that there will likely be less emphasis on human intervention and engagement moving forward as consumers realize that most day-to-day interactions don’t require physical contact. Overall, respondents said they believe there will be a change in the way people interact with their institutions after the crisis has passed.

Moreover, as customers are forced to adopt digital channels, financial institutions will need to accelerate the shift to — and acceptance of — digital channels, products and services, particularly via mobile platforms.
Ultimately, changes will need to be made based on public need.

Financial institutions are likely to benefit from the forced migration to online products, as customers who have formerly been reluctant to adopt digital banking become familiar with remote capabilities.

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